Quyết định 314/1999/QD-NHNN7

DECISION

ON THE AMENDMENT OF SOME PARAGRAPHS OF THE DECISION OF THE GOVERNOR NO. 418/1998/QD-NHNN7 DATED 11 DECEMBER, 1998

THE GOVERNOR OF THE STATE BANK

Pursuant to the Decree No. 15 CP of the Government dated 2 March, 1993 on the assignment, authority and responsibility for the State management of Ministries, ministry-level agencies;
Pursuant to Article 1, Decision No. 180/1999/QD-TTg of the Prime Minister dated 30 August, 1999 on the adjustment of the paragraph 1 Article 1 of the Decision No. 173/1998/QD-TTg of the Prime Minister dated 12 September, 1998 on the obligation to sell and the right to by foreign currency of the residents being organisations;
Upon the proposal of the Director of the Foreign Exchange Control Department,

DECIDES

Article 1. To amend the Article 1 of the Decision No. 418/1998/QD-NHNN7 of the Governor of the State Bank dated 11 December, 1998 on the amendment, supplement of some paragraphs of the Circular No. 08/1998/TT-NHNN7 of the State Bank dated 30 September, 1998 guiding the implementation of the Decision No.173/1998/QD-TTg of the Prime Minister dated 12 September, 1998 as follows:

1.1 The amendment of the item 1 paragraph 1.1 :

a. For residents being economic organisations :

Resident economic organisations including State enterprises, Limited Liability Companies, Joint-stock companies, Partnership companies, Private enterprises, Cooperatives and economic organisations of any economic sectors of Vietnam, enterprises with foreign invested capital and foreign parties to business cooperation contracts which have been secured by the Government of Vietnam to balance the foreign currency requirements, branches of foreign companies, foreign contractors, contractors in partnership with foreign parties shall, upon the transfer of foreign exchange earnings from the current account income to the foreign currency account, have to sell immediately 50% of the foreign currency to the authorised bank where they maintain their foreign currency account.

b. For the residents being non-profit making organisations (including State agencies, arm-force units, political organisations, socio-political organisations, social organisations, socio-professional organisations, social funds, charity funds of Vietnam operating in Vietnam) shall continue the obligation to sell 100% of the foreign currency earnings from the current account income to the authorised bank where the non-profit making organisations maintain their foreign currency account.

c. The sale of foreign currency at the ratio provided for in paragraph a, Article 1 of this Decision shall be implemented as from 30 August, 1999 pursuant to the Decision No. 180/1999/QD-TTg of the Prime Minister dated 30 August, 1999 ".

1.2 The paragraph 1.2 is hereby canceled.

Article 2. This Decision shall be effective since the date of signing.

Article 3. The Director of the Administration Department, the Chief Inspector of the State Bank, Heads of Departments of the State Bank, General managers of State Bank branches in provinces, cities, Directors General (Directors) of commercial banks, joint-venture banks, joint-stock banks, foreign bank branches shall, within their respective competence, be responsible for the organisation, guidance of the implementation of this Decision.